Prosper

Prosper

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Overview

Where does Prosper do business?

Prosper is a marketplace lender based in San Francisco, CA. Founded in 2005, Prosper offers access to personal loans in 48 states (and Washington, DC).

What are the APRs offered via Prosper?

Prosper has a variable APR that ranges from 6.95% up to 35.99%.

Does Prosper charge an origination fee?

Yes, Prosper charges a loan origination fee of 2.4% to 5% of the loan amount. Prosper deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does Prosper charge a late fee?

Yes, Prosper may charge borrowers a late payment fee, which is triggered if you're 15 days late.

Does Prosper charge prepayment fees?

No, Prosper does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

How much can you borrow via Prosper?

Loan amounts start at $2,000 and go up to $40,000.

What is the maximum loan term you can get with Prosper?

Prosper offers personal loans with terms ranging from 36 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for a loan with Prosper?

Applicants with a credit score of at least 640 can apply for a loan via Prosper . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.

To qualify for a Prosper loan, applicants need a minimum annual income of $60,000 or higher. Prosper will also consider borrowers who are unemployed as long as they have an annual income of $60,000 or higher.

Active duty servicemembers and their covered dependents are eligible to apply for a loan via Prosper. Their rates fall within the limits of The Military Lending Act.Only U.S. citizens and permanent residents can apply for a loan.

To qualify, applicants may need to provide the following documentation:

Driver's license

Proof of citizenship or residence permit

Recent pay stubs

Proof of income

What is the estimated funding time for a personal loan via Prosper?

Prosper will typically approve (or deny) a loan application within 168 hours and fund personal loans within 7 business days of approval.

Does Prosper report loan payments to credit bureaus?

Prosper may report credit data to the following credit reporting agencies:

Transunion

PROSPER Disclosure: For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

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